Written by Mac Slavo via SHTFplan.com,
The debt crisis in the United States has reached apocalyptic proportions. A horrific new report explains in detail why 63 of America's largest cities are completely dismantled: debt and excessive spending.
According to a recent analysis of the 75 most populous cities in the United States, 63 of them can not pay their bills and the total amount of unfunded debt amounts to nearly $ 330 billion. Most of the debt is due to the unfunded benefits of retirees, such as pension and health care costs. This means that those who depend on this money will probably not see a cent of it.
"This year, pension debt was $ 189.1 billion and other post-employment benefits (primarily retiree health care liabilities) totaled $ 139.2 billion. dollars, "said the third"Financial situation of citiesReport produced by the Chicago-based Truth in Accounting (TIA) research organization says. TIA is a non-profit, non-politically affiliated organization of business leaders, communities, and universities interested in improving the government's financial reporting.
"Many states and local authorities are not doing well, despite the recovery of economic and financial markets since 2009, Bill Bergman, director of research at TIA, told Watchdog.org.
The five most financially disadvantaged cities are New York, Chicago, Philadelphia, Honolulu and San Francisco. These cities, in addition to Dallas, Oakland and Portland, all received the "F" rating. In New York, for example, only $ 4.7 billion has been set aside to fund $ 100.6 billion in health care benefits promised to retirees. In Philadelphia, each taxpayer should pay $ 27,900 to cover the city's debt. In San Francisco, it would cost $ 22,600 per taxpayer.
According to the report, by the end of fiscal 2017, 63 cities did not have enough money to pay their bills. Debts are therefore higher than revenues. To appear to balance budgets, TIA ratings, Elected officials "did not include the actual costs of the government in their budget calculations and imposed costs on future taxpayers".
–Hartford City News Times
To put it more simply: your children have been sold as debt slaves and are the property of governments; both local and federal. The government officially punishes unborn children for their inability to manage money.
What time to live …
A major problem identified by the TIA is that municipal leaders lie. (What a shock! A lying politician …) These political masters have incurred enormous debts despite the balanced budget demands imposed upon them by cheating and enslaving the public.
"Unfortunately, some elected officials have used some of the money owed to pension funds to keep taxes low and fund politically popular programs," says TIA.
"It amounts to charging benefits earned on a credit card without having the money to pay off the debt. Instead of funding promised benefits now, they have been billed to future taxpayers. Transferring payment of employee benefits to future taxpayers allows the budget to appear balanced, while municipal debt increases. "
It's only a matter of time before this system builds on debt and theft collapses.
How are you prepared?